monthly report – september 2010 - nirmalbang.com 2010-monthly_final.pdfmonthly report –...

Monthly Report – September 2010

1

ROAD AHEAD….

Market Outlook for September 2010:We had seen market entering liquidity driven phase where valuation for some time remain on fence. As usual the liquidity is put in by FIIs. This rally is led by financial stocks. We feel the market can still continue to move up in September month as these types of rally continue for some time may be few months. But one needs to be very careful in liquidity driven market and should invest with short term perspective with strict stop loss. Banking will continue to outperform the overall market.

Sectoral OverviewDuring the month of September 2010, we believe that the following sectors could outperform Sensex.

Auto & Auto AncillaryAuto majors continued to report strong monthly sales for the month of August 2010 and has laid aggressive expansion plans to meet the increasing demand as most of the players are operating at optimum capacity. With the festival season around the corner, we expect the demand to continue to rise and believe that the sector will continue to outperform the Sensex in near term.

BankingThe current market rally is supported by banking sector. We expect this sector to go up further in the month of September 2010.

MetalsPresently, metal sector is under-valued. We expect metal prices to surge due to revival in China. Hence, we believe that metal shares are likely to witness good demand.

Upcoming Initiating Coverage

MM Forgings is one of the leading exporters of steel forgings in India. With the rebound in demand for auto we expect the company to register sharp increase in utilization rates which went to as low as 50% last year. Higher utilization wouldboost the company's margins. (CMP Rs. 123)

Nava Bharat VentureNava Bharat Ventures is a diversified player indulged in various businesses viz. ferro alloys, power generation, sugar & coal mining. With declining ferro alloy prices, the company has opted to sell power generated from its captive power plants at merchant rates (it being a more lucrative option). It plans to further increase its power generation capacity by 64MW in the current financial year to its existing capacity of 237MW. Furthermore, it expects to start mining coal from its Zambian mines which has reserves of around 130mn tones from FY12.(CMP Rs. 394)

CommodityWith major hurricanes looming over Gulf of Mexico, leakage in US Canada pipeline, robust crude import numbers from China will lend support to crude oil prices. We expect oil to trade between $72 and $80 and bias would be on the upside. Precious metals may witness some profit taking but long term trend is still bullish. Base metals are expensive and one should avoid buying from short term perspective, as rising production will weigh on the prices and lots of positive news are discounted in the price.

Currency In the short-term, we expect the rupee to strengthen further as capital inflows into India continue to remain robust. Foreign investors have bought shares worth $13.7 billion so far in 2010, in addition to last year’s record $17.5 billion. The overall strength in Asian currencies coupled with the broad weakness in the US dollar would also be supportive for the local currency in the coming month. However, the appreciation would be capped on the back of India’s widening current account deficit. We expect rupee to trade in the range of 46.10-46.50 in the coming month


2

FLASH BACK….

Market AnalysisWe witnessed high volatility during the month. The indices began the month on a firm note and were steadily touching new highs. In mid-August Sensex touched 30 month high on 17 August 2010 as it got support from global markets.However, towards the end of the month we saw a decline due to concerns on the recovery of the US economy. As a result the Sensex lost majority of its gain and ended the Month with a small rise of 0.58%. While the Midcap Index continued to outperform the Sensex and increased 2.55% in the month of August 2010. The Small Cap index also grew around 2% during the month.

Index PE31-Aug 31-jul Year Low Year High

SENSEX P/E 21.44 21.23 19.09 22.68NIFTY P/E 22.73 22.31 19.68 23.59

International MarketsThe global markets led by US & China stumbled due to uncertainty of economic recovery in US and deceleration of growth in China. Dow and Nasdaq fell by 4.31% & 6.24% respectively in the month of august. Both the benchmark indices lost due to growing concern of uncertainty in economic recovery. Further minute of FED’s latest policy suggests no fresh support unless there is severe deterioration.

Nikkei slumped to a 16 months low, declining by 8.14% on back of Japanese policymaker’s emergency measures, which were not enough to halt the yen’s advance. Hang Seng closed down by 3.14% owing to decelerating of growth in China, Commodities prices also slumped as China is one of the world’s largest consumers. Brazil Bovespa declined by 3.51%on inflation concerns.

Fund Activity FIIs were net buyers for the month of July with Rs. 7261Crs.\ driving the markets. While the DII’s continued to be net sellers for third month in a row and sold stocks to the tune of Rs. 4514 Crs.

FII (BSE + NSE) (Rs in Crs)Month BUY SELL NETMay-10 49588 61659 (12071)Jun-10 51878 44164 7714 Jul-10 53449 45129 8321 Aug-10 59760 52499 7261 Total 214675 203451 11224 DII (BSE + NSE) (Rs in Crs)Month BUY SELL NETMay-10 29972 23611 6361 Jun-10 23549 28326 (4777)Jul-10 25349 31672 (6323)Aug-10 26294 30808 (4514)Total 105164 114417 (9253)

World Markets 31-Aug 31-Jul Var(%)Dow 10014.72 10465.9 -4.31%Nasdaq 2114.03 2254.7 -6.24%FTSE 5225.22 5258.02 -0.62%Nikkei 8869.74 9655.79 -8.14%Hang Seng 20578.35 21245.9 -3.14%Straits Singapore 2970.00 3010 -1.33%South Korea 1759.52 1780.51 -1.18%Taiwan 7648.62 7876.84 -2.90%Mexico Bolsa 31679.85 32308.7 -1.95%Brasil Bovespa 65145.45 67515.4 -3.51%


3

Sector Analysis

Bankex was top gainer for the second consecutive month on back of robust credit growth. With pick up in economy and resumption in spending projected which were delayed would be revived, resulting in the increase in bank credit.Auto: With consumer confidence and increase in demand owing to festive season, auto companies have announced capacity expansion to match the unmet demand. New product rollovers have been planned driving the overall auto sector.FMCG: Most of the FMCG companies hiked the prices of their products to offset the increased cost pressures. Market took the move positively as it will improve the margins of FMCG companies going forward.

BSE Index Watch 31-Aug 31-Jul Var(%)NIFTY 5,402.40 5,367.60 0.65%SENSEX 17971.12 17868.29 0.58%MIDCAP 7596.84 7407.91 2.55%SMLCAP 9540.56 9348.97 2.05%AUTO 8813.79 8424.2 4.62%BANKEX 12,191 11539.55 5.64%Capital Goods 14,525 14591.67 -0.46%FMCG 3,385 3229.86 4.81%Health Care 5,544 5597.19 -0.95%IT 5,376 5474.84 -1.81%METAL 14,978 15399.81 -2.74%Oil & Gas 9,921 10166.13 -2.41%Power 3,033 3110.24 -2.48%Realty 3,332 3372.93 -1.22%

Currency Fluctuations

The month gone by turned out to be a range bound session for the US dollar. After a series of bad data from US, last month witnessed a majority of better than expected economic data from the US: this applies particularly to the ISM index for the manufacturing sector, which rose to 56.3 in August, signaling that production is still expanding robustly and Non-farm employment data which posted better than expected results.

Euro made a decent start to the month. The 16-member currency made a high of 1.2900 in early last month. It was supported by a string of positive data and better bond auction results from Euro zone. Exports rebounded remarkably strongly. Furthermore, the growth rates for the two previous quarters were revised up slightly to 0.3% in Q1 and 0.2% in Q4/2009. Euro tumbled versus the U.S. dollar towards the end of month after a news report suggested recent stress tests of European banks sector underestimated some lenders' holdings of potentially risky government debt.

The rupee continued to benefit in line with emerging market currencies. Also strong gains in domestic stock markets, which attracted huge inflows, further helped the local currency.

Currency Exchange Rate 31-Aug 31-Jul

Var(%)

Rs./$ rate 47.06 46.4 1.42%Rs./ Euro 59.518 60.540 -1.69%Rs./Chinese Yuan 6.8922 6.8344 0.85%Yen /$ rate 84.405 86.555 -2.48%$ US/Euro 1.2677 1.3078 -3.07%


4

BSE 500 ReviewGainers

WockhardtWockhardt Ltd stock price surged by 59.14% during the month of August 2010. The stock rallied after its board approved a preferential issue of up to 40 crores convertible or non-convertible redeemable preference shares. The announcement of corporate debt restructuring by issue of foreign currency mandatorily convertible bonds (FCMCBs) up to $74.09 million in exchange of existing foreign currency convertible bonds (FCCB) of the same amount and lowered losses on a q-o-q basis also boosted the stock.

RaymondThe stock jumped on reports that Raymond is planning to expand its footprints by opening around 100 retail outlets this fiscal. Planned capex of Rs. 40 crores for expansion of the company’s shirting fabrics joint venture with Italy's Gruppo Zambaiti, which will boost capacity by 10 million metres a year at its Kohlapur unit to 22 million metres provided further momentum to the rally.

REI Six TenREI Six Ten stock price surged by 44.02% during August 2010. Its board has approved plans to raise US$ 200 million through the issue of rights shares, convertible securities, depository receipts, QIPs and any other securities giving fuel to the stock.

Jubilant Foodworks LtdThe company that in talks with few global brands to launch

new products in India and to further increase its presence by launching around 70 Domino’s outlets during the fiscal further gave a boost to the share price.

Gainers 31-Aug 31-July Var(%)Wockhardt 219.3 137.8 59.1%Raymond 361.9 230.2 57.2%REI Six Ten 88.5 61.4 44.0%Jubilant Food. 487.3 350.0 39.2%IBN18 Broadcast 118.5 90.3 31.1%

Losers

Tanla SolutionsTanla Solutions prices fell 26.33% during the month of August 2010 on the back of weak results. During Q1 FY11, revenues fell by 11.18% YoY to Rs.74.53 crores while the net profit declined 81.47% YoY to Rs. 2.08 crores.

Bartronics IndiaBartronics India’s share prices fell 25.36% on the back of poor Q1 FY11 results. Net sales for the quarter declined 34.53% to Rs 81.7 crores while the profit of the company declined 78.82% to Rs 4.02 crores from Rs 18.95 crores in the same quarter previous year.

MMTCMMTC share prices fell by 24.55% during August 2010. MMTC said that its import of silver fell by more than 44% in the fiscal year to end March 2010 as high prices dented demand. Delay in the production of the gold refinery (being set up by MMTC in association with Switzerland's PAMP S.A.)

Suzlon EnergySuzlon Energy stock prices fell 18.05% during the month on the back of poor Q1 FY11 results. During Q1 FY11 sales were at Rs 2404 crore versus Rs 4175 crore in Q1 FY10, down 42% YoY. While the company reported a net loss of Rs 912 crore during the quarter.

Losers 31-Aug 31-July Var(%)REI Agro 18.9 28.6 -33.7%Tanla Solutions 22.8 30.9 -26.3%Bartronics India 107.4 143.9 -25.3%MMTC 1314 1741.6 -24.5%Suzlon Energy 46.3 56.5 -18.0%


5

Economic Activity for the month of August 2010

The Indices of Industrial Production for the Mining, Manufacturing, and Electricity sectors for the month of June 2010 stand at 198.6, 336.4, and 242.6 respectively, with the corresponding growth rates of 9.5%, 7.3%, and 3.5% as compared to June 2009. The cumulative growth during April-June’2010-11 over the corresponding period of 2009-10 in the three sectors have been 10.4%, 12.2% and 5.6% respectively, which moved the overall growth in the General Index to 11.6%.

WPI inflation moderated to 9.97% for the month of July 2010, as compared to 10.55% in the month of June 2010. Inflation in primary group moderated and increased by 14.9% yoyduring the current month vis-a‐vis 16.3% yoy growth in themonth of June and 18.5% yoy increase in the month of May. Decline in food inflation was the main reason for the improvement.

India’s exports during July 2010 were valued at US $16,240 million which was 13.2% higher as compared to US $14,341 million during July 2009. India’s imports during July, 2010 were valued at US $ 29170 million representing a growth of 34.3 per cent in Dollar terms over US $ 21724 million in July 2009.

The trade deficit in the US unexpectedly widened 19% to $49.9 billion in June, the highest level since October 2008 as consumer goods imports rose to a record and exports declined. Commerce Department shows that the US economy grew at a 1.6% annual rate in the second quarter, down from estimated of 2.4% issued last month. The U.S. Congressional Budget Office predicted the budget deficit for fiscal year 2011 will be $1.066 trillion, revised up from an estimate of $996 billion in March. However, it lowered the estimate for the cost of the economic stimulus package to $814 billion from $862 billion. The Federal Open Market Committee maintained the target range for the federal funds rate at 0.0-0.25% and repeated a pledge to keep rates low for an extended period.

U.K. economy, in the second quarter of 2010, expanded 1.2% from the previous three months as companies rebuilt stocks and construction work surged. The Bank of England's Monetary Policy Committee maintained the official Bank Rate paid on commercial bank reserves at 0.5%. Japan's GDP rose an annualized 0.4% in the three months ended June 30.The Bank of Japan announced that it will encourage the uncollateralized overnight call rate to remain at around 0.10% and will continue to maintain an accommodative financial environment. Goldman Sachs Group Inc. cut its growth forecasts for Japan to 1.4% in 2011, compared with an earlier forecast of a 1.7%. It also said that there is a 25-30% chance the U.S. economy will fall back into a recession.


6

Technical ViewRoad ahead Sept’2010The Sept series opened at 63,436 cr. as against 56,326 cr. last month, wherein the Nifty future was 21,075 cr. and Stock futures were 42,361 cr. The first week of the Sept series showed great weakness as the global sentiments were not so encouraging and after a long time of consolidation, Nifty on 31st

Aug closed near to its 50-DMA creating a big concern of a downtrend happening.

But on 31st Aug we saw the US markets recovering from their lows and ending positive giving boost to Indian markets which rallied very strong on 01st Sept to close at 5,470. India’s medium term outlook was promising amid gloomy world outlook as the Indian markets have not made a lower bottom even after some much negativity. On the long term chart nifty was continuously making a higher top which was indeed a very big positive indication.

From the first week of Sept Indian markets continued to make a 31-month high of 5,838 on 14th Sept, showing huge optimistic moves on strong FIIs liquidity flows. PSU banks continue to maintain their outstanding leadership with State Bank of India, Kotak Bank and HDFC Bank being the top performer. Besides bank, metal shares after long time of consolidation has shown resilience and particularly Tata Steel, Hindalco being the top pick.

The global indices like the Dow Jones, Nasdaq, S&P 500, Hang Seng, Nikkei and the FTSE which were trading below their 50-DMA some 15 days back have also now bounced back smartly and are well above their 50-DMAs and now are giving evidence of further moves in the near term. So technically speaking the global and Indian markets are currently looking positive and chances are that Indian markets could continue to head further in the medium term.

Indian markets are trading at a new intermediate high but with very low volumes. The trend is up but the street optimism is very low, even if we look at the delivery statistic the average delivery marking is below 50%, it means that most of the moves are only intra-day basis in the mid-cap stocks and there is now follow up buying seen in the momentum stock. On the F&O front, we are not witnessing any huge position buildup in any particular stocks. On the option series we are seeing huge addition on the 5,800 & 5,900 call series and on the Put side 5,600 & 5,700 saw a huge build-up. The current Put Call Ratio is at 1.61 indicating that the markets are nearing to the overbought zone and one has to be very stock specific.

It’s a BUY on dip market keeping a trading stop-loss of 5,550 and major downside could be seen only if Nifty breaks below its 50-DMA of 5,450 till then remain positive on Indian markets.

Flashback Aug’2010The Aug series opened at 56,326 cr. as against 49,697 cr. last month, wherein the Nifty future was 18,541 cr. and Stock futures were 37,785 cr. The rollovers were comparatively very high as the Indian markets continued to outperform the global peers and the traders were also enjoying the positive ride as great action was also seen in the quality midcap stocks which were raising 10-20% in a day.

However, the Indian markets consolidated and remained strong against their global counterparts and managed to give higher closing month on month. Sectorally, reality, metals, capital goods stock remained under pressure while banking stocks witnessed huge buying interest and SBI, HDFC Bank being the top pick. The Bank Nifty in the Aug series rallied from the low of 10,100 and hit a high of 11,100 to close the Aug series at 10,982.

The Nifty which was struggling to breach above the 5,500 mark during the first week of Aug at last gave a strong breakout on 19th Aug but could not sustain above the 5,550 mark and then corrected a bit on weak global cues. Trading volume was continuously disappointing as global scene was not so encouraging and big leadership was missing.

Among the global indices like the Dow Jones Indus, Nasdaq and S&P were all trading below their 50-DMAs which was a very big negative sign. And among the Asian markets, Hang Seng too was below its 50-DMA and the Japanese markets having entered into a bear phase was showing no signs of revival any time soon.

Reliance Industries the Index heavyweight stock in the Aug series corrected from the top of 1,030 and ended at 956 levels. In spite of so many negative sentiments the big silver line was that Indian markets have managed to hold above its 50-DMA and Nifty ended the Aug series adding 75 points to close at 5,477. During the Aug month the foreign institutions were net buyers of Rs.7,260 cr. and the domestic players were sellers of Rs. 4,513 cr.

Stock Idea: Stocks like Aditya Birla Nuvo, Indian Oil Corp, ICICI Bank, IDFC Ltd, J&K Bank, Reliance Ind, Reliance Capital and Tata Motors can be considered as a strong buy on corrective phase from an investment perspective.


7

Nifty Daily Chart:

As shown below on the weekly chart nifty is well trading above its trend line point of 5,640 and chances are that it could rally further up to 5,980 in the near term. The RSI is currently near to the overbought zone and chances are that markets could correct from here onwards. Major fall seen only if trades below 5,640 till then markets continue to remain positive and any sharp decline is a buying opportunity.

A M J J A S O N D 2007 M A M J J A S O N D 2008 M A M J J A S O N D 2009 M A M J J A S O N D 2010 M A M J J A S O N

50001000015000

20000

x100000

2000

2500

3000

3500

4000

4500

5000

5500

6000

6500

0.0%

23.6%

38.2%

50.0%

61.8%

100.0%

* S&P CNX NIFTY (5,639.20, 5,838.45, 5,639.20, 5,795.55, +155.500)

50

Relative Strength Index (69.7764)


8

Commodity ViewCommodity Market OverviewGold prices made fresh high on Indian exchangestracking international prices where growth concernsfor the major economies like US and Europe supportedthe safe haven buying in gold. Holdings of the world'slargest gold‐backed exchange‐traded fund, New York'sSPDR Gold Trust also rose again in August afterdeclining by the most in a year in the previous month,as concerns over the outlook for the U.S. economyboosted buying of the precious metal.

Base metals witnessed a new high in last month on theback of liquidity in the market. Major supportingfactor was grooving Chinese economy wheremanufacturing ISM numbers participated in asignificant manner (ISM numbers for the month ofAugust rose to 51.7 from 51.2 in previous month).

Crude oil prices witnessed a mix trend in last week due to recovery concerns in major consuming nation and weak fundamentals. Steep rise in the crude oilstocks was also one of the reason crude oil pricestraded down.

Top Gainers in August

CommodityAug10

closeSep10close

% Growth

Mentha Oil 683.8 760.2 11.17%Silver 28636 30915 7.95%Gold 17770 19134 7.67%Zinc 92.95 96 3.28%Copper 338.35 348.9 3.11

Top Losers in August

CommodityAug 10close

Sepy10close

% Fall

Natural Gas 227.2 182.2 -19.80%Gaur Gum 5292 4593 -13.20%Gaur Seed 2298 2021 -12.05%Jeera 14687 13440 -8.49%Turmeric 14206 13086 -7.88%

Silver

Observations: After a long consolidation in the for last 16 weeks counter

has breached the resistance level of 30100 and closed above the same indicating some bullishness in the counter.

Above is the weekly silver chart and likely to hit upside the counter, we should buy on dips 30000‐30250 targeting 32500‐33000.

The counter is trading in all the short term moving averages and likely to hit the upside momentum.

The MACD and stochastic too indicating further upside in the counter.

Conclusion:

We suggest buying soya oil futures on dips between 480 and 490 for the target of 550-570 with strict s/l below 460 in the short term.


9

Mutual Fund Overview

Mr. Anish AroraHead - Third Party Distribution 022 3027 4520/1/ 7738380004

MFI Sum UpDuring the month of August Average Asset under Management (AAUM) has increased 3.30% to Rs. 6.87 trillion. The Equity Market saw a net outflow of Rs. 3,169 crs from MFI and a net inflow of Rs. 11,687 crs from FIIs. The Debt market saw the FIIs net purchases of Rs. 2,999 crs and net purchases of Rs. 22,241 crs from MFI.Top Performers across category :

Schemes NAV* 1Yr Returns DSP BlackRock Micro Cap - Reg - G 16.885 71.491HDFC Prudence Fund - Growth 210.328 42.238ICICI Prudential SMART Fund – Sr F -36 M-Ret- G 15.263 19.555Reliance Pharma Fund - Growth 52.018 62.737

Top Movers:Schemes NAV* 1 Month#Sundaram BNP Paribas Media & Entert Opp Fund 16.483 10.402Reliance Media & Entet Fund - G 31.218 8.718Birla Sun Life Commodity Eq Fund - GPM -R - G 13.205 8.629Birla Sun Life India GenNext Fund - G 25.140 7.436UTI Thematic Transportation & Logistics Fund - G 29.150 7.406

Laggards:

Schemes NAV* 1 Month#UTI Growth Sec Fund - Pharma & Healthcare - G 35.4200 -1.9108SBI Magnum Sector Umbrella - Pharma - G 39.6300 -1.6381Franklin Infotech Fund - G 57.5671 -1.0730L&T Small Cap Fund - G 5.9400 -1.0000Franklin Asian Equity Fund -G 10.3167 -0.8267

New Fund Offerings:

Scheme Name Close Date NatureDWS Hybrid Fixed Term Fund - SR 1 06-9-2010 DebtHDFC FMP - 370D (15) - 1 06-9-2010 DebtICICI Prudential FMP - SR 52 - 1 YR – P C 07-9- 2010 DebtIDFC FMP- Yearly Series 33 - G 07-9- 2010 DebtSBI Magnum Debt Fund Sr - 370 Days - 6 07-9- 2010 DebtDSP BlackRock FMP - 12 M - SR 7 08-9- 2010 DebtPrincipal PNB FMP 540 Days - SRXXIII 08-9- 2010 DebtReliance Small Cap Fund 09-9- 2010 EquityHDFC Fixed Maturity Plan - 25M - (15) 13-9- 2010 Debt

Note: *As on 2rd September 2010, # Absolute% (Point to Point )


10

Stocks under Coverage

Company RecommendationTarget Price

Current MarketPrice

AutoBajaj Auto Ltd Hold 1255 1470Maruti Suzuki Ltd Hold 1303 1346Steel Strips Wheels Ltd Book Partial Profit 300 266BankingING Vysya Bank Ltd Buy 400 337Building MaterialsAstral Poly technik Ltd Book Partial Profit 246 286Engg & ConstructionPatel Engineering Ltd Buy 575 393Unity Infra projects Ltd Hold 123 117Elecon Engineering Ltd Buy 121 94UB Engineering Ltd Book Partial Profit 230 206FMCGITC Ltd Hold 148 165IT & TelecomPolaris Software Ltd Buy 240 172Sasken Communication Ltd Hold 232 194Take Solution Ltd Buy 50 36Infosys Technologies Ltd Hold 2964 2976MetalsAdhunik Metal Ltd Hold 129 113Pennar Industries Book Partial Profit 55 56IMFL Buy 1040 730Usha Martin Ltd Book Partial Profit 119 90PharmaGlenmark Pharmaceuticals Ltd Hold 308 290Vinati Organics Ltd Buy 100 79Cadila Health Care Ltd BUY 790 616PowerSterlite Technologies Ltd Hold 121 97HospitalityRoyal Orchid Ltd Hold 108 86


11

Sunday Monday Tuesday Wednesday Thursday Friday Saturday

1 2 3 4InitialJoblessClaims

5 6BOJmonetary polciy

7 8Japan Machine ordersUK IIP

9Japan Consumer ConfidenceUS Jobless Claim

10Indian IIPJapan GDP

11China CPIChina IIP

12 13 14 15 16 17 18Indian WPI monthly

US IIP RBI monetary policy review

Consumer Price Index

Japan IIPUK WPI

Retail sales UK

19 20 21FOMC meeting

22Initial Jobless Claims

23Existing Home Sales

24New Home Sales

25

26 27 28US Consumer ConfidenceIndian GDPUK GDP

29 30US GDPInitial Jobless ClaimsJapan IIP


12

Nirmal Bang Research Team

Name Designation SectorsTelephone No. E-mail

Shyam Sunder KabraVP, Equity Research 3027 3028 [email protected]

Sunil JainVP, Equity Research 30272377 [email protected]

Anand Vyas Research AnalystEngg & Construction 3027 8204 [email protected]

Ashish Khetan Research AnalystIT, Auto & Telecom 3027 8201 [email protected]

Kavita Jogani Research Analyst Power & Cement [email protected]

Ruchita Maheshwari Research AnalystMetals, FMCG & Textiles 3027 8221 [email protected]

Runjhun Jain Research AnalystPharma & Chemicals 3027 1525 [email protected]

Aditya Powani Research Associate Auto 30278215 [email protected]

Niraj Garhyan Research Associate IT & Telecom 3027 8215 [email protected]

Pulkit Bhagat Research Associate Banking 3027 8203 [email protected]

Venugopal Kasat Research Associate Power 3027 8203 [email protected]

Michael Pillai Technical Analyst 3027 2384 [email protected]

Kunal ShahAVP, Commodity Research 3027 1522 [email protected]


13

NOTES

Disclaimer

This Document has been prepared by Nirmal Bang Research (A Division of Nirmal Bang Securities PVT LTD). The information, analysis and estimates contained herein are based on Nirmal Bang Research assessment and have been obtained from sources believed to be reliable. This document is meant for the use of the intended recipient only. This document, at best, represents Nirmal Bang Research opinion and is meant for general information only. Nirmal Bang Research, its directors, officers or employees shall not in anyway be responsible for the contents stated herein. Nirmal Bang Research expressly disclaims any and all liabilities that may arise from information, errors or omissions in this connection. This document is not to be considered as an offer to sell or a solicitation to buy any securities. Nirmal Bang Research, its affiliates and their employees may from time to time hold positions in securities referred to herein. Nirmal Bang Research or its affiliates may from time to time solicit from or perform investment banking or other services for any company mentioned in this document

monthly report – september 2010 - nirmalbang.com 2010-monthly_final.pdfmonthly report –...

Documents